Pangaea buys 5 commercial buildings for 71 mln euros

Greece's Pangaea real estate investment company said Friday that it purchased five commercial properties in Greece and Cyprus for 71 million euros as part of broader expansion plans.

The company, the real estate arm of National Bank of Greece, said the properties cover a total of 87,000 square meters. Three of the properties are located in the broader Athens area, one is in the city of Patras and one more in Cyprus' Limassol.

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All the properties are leased to retailer Sklavenitis, Greece's largest supermarket company, for 25 years.

“The inclusion of these properties in Pangaea’s portfolio fully reflects Pangaea’s investment strategy. Our shareholders and management are confident that the prospects of the Greek commercial real estate market are extremely positive in the context of the general recovery of the economy," said Pangaea chief executive Aristotelis Karytinos in a statement.